Not-for-Profit Acquires from Not-for-Profit
A not-for-profit organization recently divested a cash-flowing CCRC in Cortland, Ohio. It was looking to recycle capital and reinvest in its broader mission, and ultimately engaged Blueprint to help with the sale. The community, Ohio Living Lake Vista, comprises 39 skilled nursing beds and close to 100 independent living and assisted living units. Operations were stable and there was consistent resident demand. Connor Doherty and Ryan Kelly represented the seller, Ohio Living, with the marketing process and sourced a mission-aligned not-for-profit buyer in Otterbein SeniorLife. Read More »NewPoint Originates Acquisition Financing
NewPoint Real Estate Capital originated $53 million in bridge financing to facilitate Cougar Capital Management’s acquisition of a large portfolio of independent living communities in upstate New York. The 24-month, non-recourse floating-rate loan provided by a debt fund was originated by NewPoint’s Cal Masterson and Kevin Laidlaw. These five communities total 701 units. They were built between 2000 and 2008 and comprise 15 acres in the Rochester MSA. Cougar Capital Management announced that it paid $51 million for the assets, or $72,800 per unit. Property management will be transferred to Willow Ridge Senior Living, which announced that it co-invested in the portfolio, which includes... Read More »
Ohio SNF Portfolio Sells to Joint Venture
A four-facility skilled nursing portfolio traded hands in eastern Ohio. At the time of sale, the portfolio was cash-flowing, with stable operations and consistent resident demand across the communities. The seller was a long-time owner/operator divesting to execute a planned exit from the business. They prioritized a smooth transaction with certainty of closing and continuity of care. Blueprint was engaged, with Connor Doherty and Ryan Kelly executing a targeted marketing process focused on experienced regional operators with an established operational platform in Ohio. The selected buyer was a joint venture between an East Coast capital group and a proven regional owner/operator.... Read More »
Benchmark Senior Living and National Development Expand Partnership
A national developer/investor engaged Blueprint to sell a high performing, Class-A community owned in their legacy debt fund vehicle. The asset sits in White River Junction, Vermont, and was developed in 2019 by local citizens Brooke Ciradelli and Byron Hathorn. They partnered with LCS to operate the building, The Village at White River Junction, which offers 80 assisted living and memory care units. In the community’s earlier days of operation, Columbia Pacific Advisors had provided a $29 million refinancing loan to the project to address cash-flow and lease-up problems. The developers failed to pay their debt, resulting in foreclosure and a transition of... Read More »
